This study examines the importance of including immigrants in studies of wealth stratification by race/ethnicity, using data from the 1992 and 1993 panels of the Survey of Income and Program Participation. It addresses the uniqueness of immigrants using descriptive and multivariate analyses by constructing a measure of wealth age that considers immigrants' length of residence in America and by considering migration and adoption history and immigrant-native differences in factors sorting wealth accumulation. Descriptive analysis show greater difference in wealth distribution, zero and negative wealth holdings, wealth components, and age-wealth profiles by race/ethnicity than by immigrant status. Age-wealth profiles are steeper for immigrants than for the native born when using wealth age. The multivariate analysis uses a framework integrating life cycle theory, status attainment theory, human capital theory, and theories related to social contexts. Results show a positive effect of immigrant status on wealth accumulation, rather than the impairing effects of racial/ethnic minorities. Migration and adaptation history are factors in wealth accumulation. Significant structural differences exist between immigrants and natives (a lesser role of education and spatial segregation in wealth accumulation for immigrants) and between whites and minorities (a greater role of education for minorities). (Contains 36 references.) (SM)